Navantia and Fincantieri Form Joint Venture for European Patrol Corvette Programme
Cubierto por 4 fuentesPublicado
- FINCANTIERINavantia and Fincantieri make progress towards EPC outlining the priorities of their joint venture
- FINCANTIERIFincantieri, Navantia and Naval Group sign EPC2 Consortium Agreement at Euronaval 2026
- Data PortuariaFincantieri, Navantia y Naval Group firman acuerdo para el consorcio EPC2
- Nval TodayEuropean shipbuilder trio signs agreement for next phase of patrol corvette program
- Baird MaritimeNew consortium formed to design second phase of European patrol corvette programme
Navantia and Fincantieri signed a Heads of Agreement at Euronaval, in Paris, to establish an incorporated joint venture that will bring together their respective national European Patrol Corvette (EPC) programmes and related export opportunities. Each company will hold a 50 percent stake in the new company, which will act as the contracting entity for the programmes.
The agreement is a further step following the Memorandum of Understanding signed on February 13, 2026 between the two companies, and lays the groundwork for negotiating the final joint venture documentation. The new company will be responsible for coordinating functional design, procurement of common ship components, co-production models, through-life support and export opportunities, operating as a fully operational company rather than a mere coordination office. Navantia and Fincantieri are also seeking to bring in other European partners, such as Naval Group, which is considering joining.
Ricardo Domínguez García-Baquero, Chairman and CEO of Navantia, said this step towards the joint venture reflects the shared ambition to build more integrated European naval and defence capabilities. For his part, Pierroberto Folgiero, CEO and General Manager of Fincantieri, stated that the EPC programme represents a strategic opportunity to turn European cooperation into greater industrial scale and global competitiveness.
Consortium Formed for EPC's Second Phase
On the same day, Fincantieri, Navantia and Naval Group also signed a separate consortium agreement for the programme's second phase, known as EPC2, in a ceremony held at Euronaval 2026 attended by representatives of OCCAR. That agreement marks the transition from the initial design phase to preparation for production of a future class of modular, multi-role corvettes (MMPC), which will develop a common Full Combat Multipurpose platform.
According to European Commission documentation cited by Baird Maritime, EPC2 is a 48-month development with an estimated total cost of €288.3 million, aimed at delivering a certified design and a prototype of the FCM and long-range (LRM) versions. The previous phase, EPC1, focused on concept studies and preliminary design, was covered by an OCCAR contract signed in October 2023 worth €87 million with a 24-month duration.
In parallel, Spain made progress in financing its own programme: Royal Decree 922/2026, published on October 30, provides for €1,786 million in interest-free pre-financing for six corvettes of the Spanish variant.
